Kentucky, with the Appalachian Mountains and its warm, humid summers and mild winters, has many lovely places to stay, including Glasgow, Danville, Campbellsville, Madison, Maysville, Murray, Morehead, and Richmond, which are certified secret communities. In other places he favors Beroea, one of the most rapidly rising towns in the country; Bowling Green, a college town in southern Kentucky about an hour’s drive from Nashville, made the 2007 list of “Top Ten Value Towns” for retirees; and Moravia, near one of the largest lakes in the world.
Kentucky has a relatively low cost of living and state and local taxes are in the middle in the US. The Tax Foundation of Kentucky ranked 25th among states in 2008 in terms of the state’s highest state and local tax burden.
Kentuckius
Kentucky state income tax is 2% on the first $3,000 of income tax, up to a maximum of 6% on income tax over $ 75,000. You can itemize deductions or claim a standard deduction ($2,190 for 2009). You can deduct medical and dental expenses to the extent they exceed 7.5% of your adjusted gross income. Medicine and dental health insurance premiums, including long-term care insurance premiums, which you pay after tax dollars too. eleifend
Social security and railroad benefits and distributions from a Roth IRA are exempt from Kentucky state taxes. You can exclude up to $41,110 for military, civilian, state and local government, private pensions and qualified annuities. This exclusion amount is no longer subject to quantitative adjustment levels as it was before.
You can claim a personal credit of $20 each for yourself, your spouse, and your client. If you are 65 or older, you can add a personal tax credit of $40. Another tax credit available in Kentucky is based on your income level and the size of your family. The income thresholds in effect for 2008 were $10,400 for an individual, $14,000 for a family of two, $17,600 for a family of three and $21,200 for a family of four or more.
Kentuckytaxes
Taxes in Kentucky are levied at the state and local level on 100% of the fair cash value of the property. taxes are expressed as an amount that may vary by $100 of the assessed value instead. You can find a table of 2008 property taxes from the Kentucky Department of Revenue website. There is also an interactive map where you can view rates by county in Kentucky.
Parents who are age 65 or older, or are totally and permanently disabled, can claim the homestead exemption in Kentucky. . The exemption amount is adjusted for inflation every two years and for 2009 and 2010 is $33,700.
Kentuckysales tax
Kentucky has a 6% state tax. Food, prescription drugs, medical supplies, and residential uses other than telephone are exempt. It is the equivalent of 6% use tax on purchases you make out of state in Kentucky. As much as you can in Kentucky, the tax is on the use of income that you paid in another state.
Motor vehicle use tax
A 6% motor vehicle use tax is charged on every motor vehicle in Kentucky. The tax is collected by the county clerk when the vehicle is first registered in Kentucky or when ownership is transferred.
of Kentucky
Kentucky has an inheritance tax retirement towns and communities – Top Retirements
Retirement Living Information Center – State Taxes – Kentucky
Kentucky State and Local Tax Burden, 1977-2008 – Tax Foundation
Report:
- Individual Income Tax – Kentucky Department of Revenue: revenue.ky.gov/individual /incometax.htm
- Property Tax – Kentucky Department of Revenue: revenue.ky.gov/individual/ propertytax.htm
Retirement Community – Retirement Homes: www.retirementhomes.com /homes/kentucky-retirement-community .html
